We’re sharing the benefits of creating a living trust to make you aware of an available option. You should consult a Wisconsin estate planning lawyer to give you personalized estate planning advice.
A living trust is an estate planning alternative to a will in order to avoid probate and protect assets. It’s also known as a revocable trust because you can modify or terminate it at any time. Upon the death of the trustee’s creator, the successor trustee, who was selected by the trustee’s creator, distributes the trust’s assets to its beneficiaries. A Wisconsin trust lawyer will assist you in creating a living trust to ensure your document is legally valid to protect your children and grandchildren from losing inheritance in a divorce, death and protect them from lawsuits and creditors.
Benefits of a Living Trust
A living trust is private. Wills must be handled by the probate court. Probate proceedings are part of the public record. However, the assets of a living trust are distributed privately to its beneficiaries. The probate court is not involved.
A living trust protects you during your lifetime. If you become incapacitated during your lifetime, your successor trustee can handle your affairs without the intervention of the court. If you’re concerned about your successor trustee taking control of your affairs when you are not incapacitated, don’t worry. In the unlikely event that happened, you can revoke the trust.
A living trust saves your heirs time and money. Since a living trust avoids probate court, the vehicle saves your heirs time and money. The probate process usually takes months to years to complete. With a living trust, your beneficiaries may receive what you’ve left them within weeks. Also, the probate process costs money. Beneficiaries designated in a living trust avoid probate costs.
McLario Helm Bertling & Spiegel S.C has had the honor of helping families with their estate planning needs for over 60 years. Call us today to schedule an appointment with a Wisconsin estate planning attorney.